News & Press

LePage leads groundbreaking for Augusta state office building

The FD Stonewater development team, along with Maine Governor Paul LePage, helped ceremonially break ground for a new office building for more than 500 state employees in the Department of Health and Human Services. The building is the first major addition to Maine’s State House complex since the 1970s and is slated for completion in summer 2019.



Arlington, VA – September 26, 2017 – FD Stonewater announced today it has recently completed construction of an 151,066-square foot build-to-suit facility which is under a long-term lease to the U.S. General Services Administration (GSA) for use by the Federal Bureau of Investigation (FBI). The lease contract total value is $101M. The project was completed on time and on budget and is situated on 13 acres of land ground-leased from Mercer University.

This state-of-the-art facility will serve as the FBI’s Atlanta field office and supports the FBI’s mission while ensuring seamless collaboration and integration with state and local law enforcement.

“This new, state-of-the-art building will allow the FBI and its important missions to be carried out more efficiently and effectively in the 21st century, said David J. LeValley, Special Agent in Charge, FBI Atlanta Field Office. “We have ensured that not only is the requisite technology in place, but we’ve also provided for the Georgia Bureau of Investigation (GBI) led Georgia Information Sharing and Analysis Center (GISAC) to remain co-located with us at this facility. This strategy will ensure that the sharing of information, intelligence, and threat matters remains seamless at all levels of law enforcement within the State of Georgia.”

FD Stonewater is a leader in designing, constructing and owning facilities leased and occupied by the Federal Government. The new FBI Atlanta Field Office is one of 16 long-term build-to-suit lease projects the firm and its affiliates have successfully delivered to the U.S. General Services Administration since the firm’s inception.

“This project was a success on many levels,” said Claiborne Williams, Principal at FD Stonewater. “Our partnership with the government is extremely valuable when it comes to navigating the Federal Government’s highly-specialized process and requirements, and this is what our team does best. We are proud to be a part of a project that will ensure the FBI’s mission-critical functions will be carried out and supported by a best-in-class facility.”

Powers Brown Architecture and Dewberry served as the lead designers for the project and Harvey Cleary Builders served as the project’s general contractor. A ribbon-cutting ceremony is slated for Thursday, October 12, 2017.

About FD Stonewater
FD Stonewater is a boutique real estate investment, development, brokerage and advisory firm headquartered in Washington, DC.  Collectively, the firm’s leadership has a track record of more than $10 billion in investment, development and acquisitions, over 45 million square feet of lease transactions.


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FD Stonewater announced today that effective July 17, 2017, Norman Dong, the former Commissioner for the United States General Services Administration, Public Buildings Service, will be joining the firm as Managing Director. Mr. Dong will assume a leading role within the firm’s Federal Government real estate third-party advisory and principal development platforms. Mr. Dong has a distinguished history working in both the private sector and as a Government executive. During his tenure as Commissioner for the GSA’s Public Buildings Service, Mr. Dong led the asset management, design, construction, leasing, building management, and disposal of nearly 374 million square feet of government-owned and leased space across all 50 states, six U.S. territories, and the District of Columbia.

“I’m delighted to join FD Stonewater, as this is a unique opportunity to leverage my experiences to achieve positive outcomes for Federal Government real estate from a different perspective,” said Dong. “I am impressed with the caliber of FD Stonewater’s team and the national resume of work that this firm carries. It’s rare to see a firm with their depth and breadth of experience, and they have maintained a nimble and entrepreneurial business model that undoubtedly serves both their private-sector clients and the public sector well. I hope to build on this success as the firm continues to grow.”

A graduate of Yale University and Harvard’s John F. Kennedy School of Government, Mr. Dong has spent the last decade of his 30-year career serving the Federal Government in executive, management, and advisory capacities; including previously held positions as Deputy Controller of OMB, CFO of DHS/FEMA and Deputy Mayor for Washington, DC. Mr. Dong’s notable accomplishments as Commissioner for the
GSA’s Public Building Service include reducing the Federal real estate footprint, which resulted in annual savings of more than $100 million, as well as overseeing a multi-billion-dollar capital program to support new construction and major renovation of various GSA properties. In addition, Mr. Dong developed the portfolio strategy to identify productive use for underutilized GSA properties, which will yield more than $1 billion in value to the Federal Government while supporting local urban development objectives.

FD Stonewater Principal Richard Mann said, “Norm is a tremendous addition to the team and we expect him to make an immediate impact on the business; particularly with our clients who own Federal Government leased real estate across the country. His notable background, insight, and expertise in Federal Government real estate matters are well-suited for the firm’s strengths and enhances our strategic advisory practice and development platforms in this arena.” Principal Joseph Delogu further commented, “We are pleased to welcome Norm to the firm and we are confident he will bring a fresh and very current perspective to our business. His experience and wealth of knowledge is extremely valuable, particularly in today’s highly competitive marketplace when crafting sound strategy is more important that ever. We are confident that Norman will be integral in solidifying our firm’s status as the preeminent expert for Federal Government leasing, development, and advisory services.”



Arlington, VA – Tim Lenahan has joined FD Stonewater as a Managing Director of Government Leasing. At FD Stonewater, Tim will bring his 13 years of experience in the government real estate sector to advising the firm’s 3rd party landlord clients on transacting business with government entities and will also support the company’s own principal development efforts in the government arena. Prior to joining FD Stonewater, Tim was a First Vice President of CBRE’s Federal Lease Advisory Group.

David Alperstein, a principal at FD Stonewater, commented “we’re very excited to have Tim join our government leasing and advisory team, which has long been one of our firm’s most valued franchises. Adding Tim to the team is just another step in maintaining our best-in-class offering to our clients and their investors.” FD Stonewater principal Joe Delogu added, “Tim’s tremendous experience is an outstanding addition to FD Stonewater. His entrepreneurial and creative approach to our business is an excellent complement to the platform and will offer expanded expertise to our clients.”

Tim reflected, “After 13 very productive years at CBRE, it was simply time for me to expand my horizons and FD Stonewater is truly the only other team that offers its clients the level of strategic guidance that I find critical to achieving successful transactional outcomes. The unique vertically-integrated, yet-boutique and entrepreneurial platform allows for FD Stonewater to execute better than anyone else in the sector.”

Tim can be reached directly at or (703) 537-7625.



Arlington, VA – FD Stonewater announced today it has completed the acquisition of a Class A, 164,845-square foot multi-tenant office building located at 1007 Church Street in downtown Evanston, Illinois. The iconic building was designed by world-class architect Helmut Jahn and is located less than one block from the Davis Street Station (Metra and CTA) and approximately 13 miles from Chicago’s CBD. The property – 79% leased upon acquisition – is home to several national and international tenants in the education, healthcare, and technology sectors. The acquisition was procured under FD Stonewater’s secondary market, multi-tenant, value-add investment strategy.

The building has been renamed “Evanston MetroCenter,” and ownership is planning to enhance the tenant experience through physical building improvements, expanded tenant services and cosmetic upgrades. The acquisition also includes onsite expansion potential that is currently being evaluated by FD Stonewater’s development team for multiple possible uses.

FD Stonewater Principal Jeff Toporek commented, “we are thrilled to acquire Evanston MetroCenter, particularly on the heels of recently selling One North State Street in the Loop this summer. We have enjoyed success in Chicago and are excited to add such a high-quality, transit-oriented asset to our portfolio.  The asset’s superior location is well-suited to meet the discerning needs of tenants desiring an amenity-rich, urban environment outside of downtown Chicago but only an 18-minute train ride away.”

Andrew Schwartzman, Principal and Head of Acquisitions for the firm added, “Evanston MetroCenter is one of only a few office buildings in all of Chicagoland’s suburbs that offers superior access to mass transit, dozens of walkable amenities, and abundant parking in such a vibrant environment. We plan to restore the property’s stature as a true Class A office building in Evanston with one of the most unique amenity bases in the market.”

About FD Stonewater

FD Stonewater is a boutique real estate investment, development, asset management, brokerage and advisory firm based in Arlington, Virginia, with an office in Los Angeles. The company has a track record exceeding $10 billion in investment, advisory, and development as well as over 40 million square feet of lease transactions.



Arlington, VA – FD Stonewater announced that it has been awarded the exclusive rights to negotiate a 30-year lease contract with the State of Maine Bureau of General Services (BGS) for the purchase and redevelopment of the Maine DOT 109 Capitol Street in Augusta, ME. The parcel consists of 9.2± acres with eight connecting buildings and other out-buildings situated two blocks from the State Capitol. The existing structures on site would be demolished to make way for an approximate 89,000-square foot facility for the Department of Health & Human Services. Construction is estimated to commence in mid-2017. The design team is comprised of HGA Architects based in Alexandria, VA and Maine-based Mark Mueller Architects. The general contractor is Landry/French.

FD Stonewater principal, Claiborne Williams, commented, “We are thrilled to have been chosen to be the State of Maine’s development partner on this important assignment which, while delivering a high-quality build-to-suit for a State agency, will also revitalize a large land parcel in the heart of Augusta. Our national expertise in government-occupied real estate, along with the proven track records of our team partners in delivering projects across the State of Maine, are tailor-made for this endeavor. We are truly excited about the opportunity to deliver a new facility which will meet the State’s mission for the next thirty years and beyond.”

FD Stonewater is a leader in designing, developing and owning facilities leased and occupied by government tenants. This will be the 18th such build-to-suit lease project that the firm and its affiliates have successfully delivered on behalf of government tenants. The company has over $200 million of projects underway nationwide, consisting of government build-to-suits, corporate build-to-suits and other commercial projects.

About FD Stonewater

FD Stonewater is a boutique real estate development, investment, advisory and brokerage firm based in Arlington, Va., with an office in Los Angeles. The company has a track record of more than $10 billion in investment, advisory, and development deals and has completed over 40 million square feet of lease transactions. ​


State Street Office Property Sells for $80 million

crains By RYAN ORI

A San Francisco real estate investor has paid $80 million for a State Street office building, betting it can find new tenants to fill a large vacancy. Shorenstein Properties today said it has acquired the 533,000-square-foot office portion of 1 N. State St., connected towers of 11 and 16 stories. The statement did not name a sale price, which someone familiar with the deal said is almost $80 million.

The sale does not include retail space on the bottom two floors of the building, which are owned separately.

The seller is Arlington, Va.-based FD Stonewater, which bought the property for $31.7 million in 2007, before the recession, according to Cook County property records.

The building’s office space is 45 percent vacancy, according to Shorenstein’s statement.

At more than double the previous owner’s purchase price, Shorenstein is demonstrating confidence in a downtown leasing market where vacancy fell to a 15-year low during the second quarter.

Shorenstein knows Chicago well, having previously owned iconic office properties including the John Hancock Center and Prudential Plaza. Last year, Shorenstein sold the former Apparel Center, now known as River North Point, to Blackstone Group for $378 million.

Jeffrey Toporek, an FD Stonewater principal, did not immediately return calls requesting comment on the sale.

The State Street building was constructed in phases between 1900 and 1912, according to the Shorenstein statement.

FD Stonewater spent more than $10 million over the past two years upgrading the building with a new roof deck, bike room and lobby renovation. Shorenstein plans additional upgrades and new amenities, according to the statement.

The largest tenants are the Noble Network of Charter Schools, the e-commerce office of Sears and co-working firm MakeOffices, all with more than 50,000 square feet.

Ori, Ryan. “State Street Office Property Sells for $80 Million.” Crain’s Chicago Business. Crain’s Chicago Business, 30 Aug. 2016. Web. 06 Dec. 2016.




Arlington, VA – FD Stonewater announced today that effective January 1, 2016 William Magner joined the firm’s Board of Advisors and will be actively involved in the organization’s continued expansion. In particular, Bill will assist with growing the investor base within the firm’s nationwide principal investment and development platforms. Mr. Magner has a distinguished history in the commercial real estate industry having most recently served as the U.S. President for Cushman & Wakefield. Prior to Cushman & Wakefield, Bill was an International Director for Jones Lang Lasalle (JLL) and Spaulding & Slye, where he served as a Managing Partner of the DC Region prior to JLL’s acquisition of the firm.

FD Stonewater Principal David Alperstein said, “Bill is a long-time friend of the firm and has been a valued partner and mentor to many of us throughout our careers. Adding Bill as an active member of our Board is a tremendous opportunity for us to tap into his broad knowledge base, trusted relationships and strategic thinking as we plot our future path.” Principal Joseph Delogu further commented, “Some of us have known Bill for 20 years and he is one of the most thoughtful and respected professionals in our industry. His experience in managing both boutique firms and large national enterprises, will provide FD Stonewater with insights unique for our growing, entrepreneurial and fully-integrated national platform.”

 About FD Stonewater

FD Stonewater is a boutique real estate investment, development, brokerage and advisory firm with offices in New York, Los Angles and headquartered in Washington, DC. Collectively, the firm’s leadership has a track record of more than $10 billion in investment and acquisitions and over 40 million square feet of lease transactions.



Arlington, VA – FD Stonewater announced today the sale of a four-building portfolio, each fully leased by the Federal Government. The portfolio consists of two Customs and Border Patrol (CBP) facilities located in Jacksonville and Riviera Beach, Florida; a U.S. Military Entrance Processing Command (MEPS) facility in Nashville, Tennessee; and an Immigration and Customs Enforcement (ICE) facility in Cary, NC. The portfolio was purchased by Boyd Watterson.

FD Stonewater, attracted by the staggered lease roll over and geographic diversity, originally purchased three of the buildings in 2012 as the first acquisitions for the FD Stonewater/Roseview Fund. During its tenure as owner of the portfolio, FD Stonewater executed lease renewals in two of the buildings and was awarded a long-term lease extension and substantial expansion at the ICE facility in North Carolina.

Jeff Toporek, a Principal at FD Stonewater, commented, “This sale represents a successful execution of our opportunistic Federal acquisition and development program, having purchased existing assets with shorter terms remaining and developed new longer term assets. The properties are mission critical facilities with well-funded government agencies, representing business plans we have been pursuing over the past few years, and it’s great to see the strategy fully realized.” Principal Joe Delogu further commented, “We are pleased to have invested on behalf of a Fortune 100 corporate pension fund and delivered a successful outcome for the strategy from inception to completion. The fund truly employed each of the disciplines fully integrated into our platform including investment, asset management, development and federal leasing – resulting in returns outperforming the original underwriting.”

About FD Stonewater
FD Stonewater is a boutique real estate service and investment firm based in Arlington, Va., with additional offices in Los Angeles and New York, a track record of more than $10 billion in investment, advisory, development and acquisitions, and over 50 million square feet of lease transactions. FD Stonewater offers a fully-integrated, national real estate platform with capabilities in Principal Investment, Development, Asset Management and Brokerage activities.